UMICY Umicore SA (PK)

By Pierre Bertrand

Umicore SA said Wednesday that it has signed a memorandum of understanding with the Canadian government as it prepares to build a plant for electric-vehicle battery materials.

The Belgian materials technology company said it hopes to start construction in 2023 and to have the plant operational at the end of 2025. The plant will have the potential to reach an annual production capacity capable of powering around one million electric vehicles by the end of the decade, it said.

Umicore is in negotiations with several potential customers for production contracts in North America, it said.

Wednesday's agreement is to finalize the support application of the project under Canada's Strategic Innovation Fund.

The manufacturing plant, to be built in Ontario, will be wholly powered by renewable energy, Umicore said.

Write to Pierre Bertrand at pierre.bertrand@wsj.com

(END) Dow Jones Newswires

July 13, 2022 11:26 ET (15:26 GMT)

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